* Revenue up 18.1 percent at 59.675 billion pesos
* Sales at Oxxo chain convenience stores up 16 percent
MEXICO CITY Oct 25 Mexican retailer and
beverage company Femsa said Thursday third-quarter
profit rose about 2 percent, with a big surge in sales crimped
by exchange rate losses.
The company, which co-owns Coke bottler Coca-Cola Femsa
with Coca-Cola Co, said profit climbed a little
to 4.725 billion pesos ($367 million) in the July-September
period, with exchange-rate losses eroding much of the impact of
improved revenue in the quarter. A year ago, it earned a profit
of 4.639 billion pesos on healthy exchange rate gains.
A sharp devaluation of the peso at the end of the third
quarter of 2011 boosted the value of the company's dollar cash
position in pesos, compared with this year, when the peso ended
stronger at the end of quarter, the company said.
The company recorded a 54-million-peso loss in the quarter
due to foreign exchange moves, compared with a 1.158-
billion-peso gain in the same quarter of 2011.
Femsa, which also owns the Oxxo chain of convenience stores
and a 20 percent stake in Dutch brewer Heineken, said
revenue grew 18.1 percent in the third quarter to 59.675 billion
pesos, from 50.544 billion pesos.
The company benefited from higher beverage sales at Coke
Femsa, which earlier this week said third-quarter revenue grew
Femsa said sales at its Oxxo chain in the third quarter
increased 16 percent from a year earlier. Femsa opened 178
stores in the quarter for a total of 10,167 stores.
Femsa shares dipped 0.52 percent to 120.02
pesos, after reaching a record intraday high last week of 125.60
pesos. Since the end of 2008, Femsa's stock has rocketed 190
percent and outperformed Mexico's benchmark index, which
has climbed about 87 percent over the same period.